Monday, September 24, 2007

Correction Time?

My system has barely moved higher but it's so close to a stall that the neutral signal goes on. Any continued up tick from here needs no confirmation although there was a slight decrease in the S&P 400 in my system. But, the only index that is anywhere near an overbought level in my system is the S&P 100. That's interesting since the Nasdaq 100 actually hit a new bull market high today but isn't near overbought levels in my system while the S&P 100 hasn't hit a new high yet. It's also painfully clear that the midcaps and smallcaps are still lagging these largecaps. If you want to be a worried bear just look at the Dow Transports which still look terrible due to oil prices no doubt.

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